Colorado will miss extraordinary Joe



They sent his jersey to the rafters on the opening night of the 2009/10 NHL regular season, and few players have deserved the honour more. Joe Sakic's two-decade tenure as the face of the Colorado Avalanche - and the Quebec Nordiques, lest we forget the pre-1995 version of the franchise - was extraordinary and exemplary: two Stanley Cups, a Hart Trophy as the NHL MVP, several 100-point seasons and more than 1,600 career points, the eighth highest total in league history.

And, in the bigger sense, Sakic's prowess and the rise of the Avs - which coincided with the team's arrival in Denver from Quebec - helped re-establish NHL hockey in Colorado, where the Rockies of the 1970s had tried (ineptly) and failed (spectacularly). But now he is gone, skating classily into retirement, and Colorado look dangerously close to resembling the awful team that Sakic joined in 1988, a team that would endure years of losing before becoming successful as Sakic entered his prime in the mid-1990s.

Last season, without an injured Sakic for 60-plus games - he hurt himself in a snow blower accident - the Avalanche were a shadow of the powerhouse that ruled the Western Conference for so long. And at first glance, things did not look good for the Avs going forward. But while the immediate future of the Sakic-less team is not promising, there are a few hints of Joe in the long-term outlook. For starters, the new Sakic in town is Paul Stastny, son of Peter (who defected to Quebec from Czechoslovakia in 1980 and became an instant star and a teammate of a rookie Sakic in 1988).

The younger Stastny, like Sakic (and Peter), is an understated and underrated player who lets his on-ice action do his speaking for him. Like Sakic, Stastny is a highly skilled centre who missed most of last season because of injuries. But, unlike Sakic, Stastny is back on the ice and, assuming he can stay healthy, his presence alone will benefit Colorado, who finished a desperate 28th overall in the 30-team NHL last season.

The good news is the Avs picked a good year to be bad. Their lowly finish gave them the third overall pick in June's entry draft, and they selected the stellar Matt Duchene. Like Sakic, Duchene is a bit on the small side and boasts great speed and sublime offensive talents. The teenager has needed all of two NHL games to prove himself in the big-league; if he can build on his super-fast start to the season, Avs fans will be able to look up at Sakic's banner in the rafters with gratitude - rather than a longing for No 19's return.

With Stastny and Duchene as the Colorado's one-two punch down the middle for the next decade or so, the Avs can breathe easier about their forward corps. Other questions remain, of course. Is goalie Craig Anderson a true starter in the NHL? Do the Avs have enough depth - and talent - at any position? Is Joe Sacco a capable rookie NHL coach? The same question can be asked of Greg Sherman, the team's unheralded GM, in his first year calling the shots.

And how about the fans, so spoiled by a decade of Sakic-led success? Will they continue to pack the home rink to support a losing team? They certainly didn't in the 1970s; although to be fair, the woeful Rockies never came close to a winning season, let alone winning a championship. The long-time captain is gone, and the good ship Avalanche is under duress while charting a new direction. But with a pair of young Sakic-esque talents in Stastny and Duchene, there is still a sense of Joe in the Denver mountain air.

smccaig@thenational.ae

Saturday's results

Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Golden Shoe top five (as of March 1):

Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points

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The stats

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Ronaldo's record at Man Utd

Seasons 2003/04 - 2008/09

Appearances 230

Goals 115

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”